Study On The Correlation Between Enterprise Environmental Protection Expenditure And Financial Performance Of Different Industries Attributes

In recent decades, as economic growth accelerated, our country enters a period of high environmental risk, all kinds of pollution events emerge in endlessly. Environment problem has become a "hot" topic in the world and the enterprise which is listed as "culprit" has reasonably become the object that needs special attention. As the three main body of environmental expenditure, the distribution of enterprises, government and social organizations is very unequal. The contribution rate of the government is larger and that of the enterprises and social organizations are smaller. Can corporate environmental spending bring the economic benefits? Answering the question will help to understand whether enterprise environmental expenditure conform to the economic law of chasing the profit.According to the new classical economics theory, enterprise technology innovation theory, stakeholder theory and corporate social responsibility theory, the paper analyzes the present situation of the environmental expenditure, and makes a preliminary study on the benefits of enterprise environmental expenditure. In the end, based on the data of listed companies from 2008 to 2013, the article studies how the enterprise environmental spending influence the financial performance and further discusses the problem whether environmental expenditure have different impact on financial performance under different industries.The research found that: Firstly, enterprise environmental expenditure are insufficient. Secondly, heavy pollution industry invests more environmental funds than non-heavy polluting industry. Thirdly, there is an "U" shaped relationship between environmental expenditure and financial performance. Fourthly, compared with the non-heavy pollution industry, environmental expenditure of heavy pollution industry has a greater impact on financial performance. In general, enterprise environmental consciousness is weak and the amounts of environmental spending need to be increased. In addition, enterprises only pay attention to the costs of environmental protection and ignore the long-term benefits.